A changing global landscape

The global MTP industry is on the cusp of enormous growth globally due to a range of factors including ageing populations, the growth of emerging markets seeking better health services and unprecedented innovation in medical technologies and pharmaceuticals.

Australia is an important player in this sector and has a number of comparative advantages to grow its share of the global sector. However, there is fierce competition globally and our advantages may quickly erode if we don’t take action now to establish an ecosystem that will support the growth and innovation of the MTP sector in Australia.

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Narrator: A universal challenge to improve human health and well-being, is driving growth for the global Medical Technologies and Pharmaceutical Sector, the MTP Sector.

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This presents an opportunity for Australia’s own MTP Sector which plays an essential role in our economy, adding to exports, GDP and providing access to highly skilled jobs.

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Changes to the global landscape such as shifting demographics, new bio-security pressures, digital disruption and changing societal expectations are creating exciting opportunities for Australia’s MTP Sector.

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However, the value of goods and services provided by the Sector has decreased over the last five years.

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To remain competitive and capitalise on global growth opportunities, Australian MTP businesses must adapt.

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Businesses must ask, how can they create and participate in an eco-system that efficiently translates inventive ideas into innovative solutions?

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What are their existing strengths that can be leveraged, to define a global competitive advantage?

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Where do the global opportunities lie that will lead to long-term growth?

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What investments in science, technology and research will be required to achieve such growth?

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Drawing upon our connections with industry and the world class research expertise of our 5000 science professionals,

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A vision for Australian MTP sector

The focus of the MTP industry in Australia will rest on four main sectors in which Australia is well equipped to be an important player. By focusing on these sectors, Australia could become a force in the global MTP industry.

The key MTP sectors include:

Smart devices, implants and bionics

Accelerated pharmaceutical development

Manufacturing high-value pharmaceuticals

Diagnostics and informatics products and services.

Enabling the vision

The opportunities for Australia are immense not just in terms of the potential benefit to the Australian economy through future jobs and export earners, but also because Australians will benefit from better and more cost-effective health products and services as a flow on effect from a thriving domestic MTP industry.

Medical Technologies and Pharmaceuticals Roadmap

To implement the roadmap, there will need to be close cooperation between federal and state governments over health policies and regulations as well as cooperation with research facilities and private industries to ensure the ecosystem supports innovation and growth.

The roadmap involves a range of steps including setting up a coherent and uniform regulatory and health framework across all states, supporting private industry in its pursuit of MTP innovations, ensuring our future workforce has the STEM education and skills to work in this field, and ensuring a commercial focus so that research is targeted at outcomes with potential high commercial value.

To realise the full potential of the MTP sector, we need to facilitate:

A nimble regulatory framework that addresses core issues

A pipeline of professionals with experience in medical science as well as retraining programs for those with limited experience or STEM education

Supporting research institutions focusing on innovative research with commercial applications

Providing a range of support to start-ups and small businesses involved in MTP product development while attracting global MTP corporations to set up research and development arms in Australia.